$1 billion USC Village retail-residential project largest in South Los Angeles

LOS ANGELES - Mayor Antonio Villaraigosa and city leaders will join USC President C.L. Max Nikias today to sign an agreement for the construction of USC Village, a $1 billion retail and residential project billed as the largest in South Los Angeles history.

The project, scheduled for completion in 2030, includes nearly 5 million square feet and is expected to transform a dated University Village into a town square-type environment featuring student housing, academic buildings, a grocery store, bars and restaurants, a hotel and conference center, as well as 12 acres of open space.

The project is located in the council districts of Jan Perry and Ed Reyes, who will also take part in the signing ceremony.

City and USC officials tout the project as a job creator, potentially generating 12,000 jobs -- 8,000 of them permanent.

The development agreement that was approved by the City Council last December requires USC to set aside $20 million toward affordable housing, up from the original $2 million proposed by the university.

USC officials also agreed to hire locally for at least 30 percent of the work force involved in the project, and at least 10 percent must be from backgrounds that traditionally place them at a hiring disadvantage. USC must also obtain 15 percent of its contract services and materials from local vendors, including small-, minority- and women-owned contractors during the construction phase.